We use cookies to customise content for your subscription and for analytics.If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy.

Phlx proposes standardized bid/ask differential and split-price rules

The Philadelphia Stock Exchange (Phlx) has filed proposed rule changes with the Securities and Exchange Commission relating to bid/ask differentials and split-price priority in open outcry that would standardize the rules to apply equally to options on equities, options on exchange-traded fund (ETF) shares and index options. Phlx’s Rule 1014(c)(i)(A), which relates to bid/ask differentials, currently refers only to equity options, while Phlx Rule 1014(g)(i)(B), which affords split-price priority in open outcry to orders of 100 contracts or more, applies only to transactions in equity options, including options overlying ETFs. The proposed amendment would specify that these rules apply to all options traded on Phlx, including index options.

Compare jurisdictions:Environment & Climate Change

"This is a very good resource and I appreciate receiving it everyday. Each newsletter has a great deal of content and the daily feed allows you to 'pace' yourself. The content is relevant to the areas that I address and the articles are written by counsel who are very experienced in these areas and can communicate in a meaningful and effective way."